Suppose there is a simultaneous increase in demand and increase in supply. Given this information, we know with certainty that
A) both the equilibrium price and the equilibrium quantity will increase.
B) the equilibrium price will increase, and the equilibrium quantity will increase.
C) the equilibrium quantity will increase.
D) the equilibrium price will increase.
C
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Answer the next question(s) based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100The government's introduction of a guaranteed price floor of $50 will result in
A. a shortage of 200 units. B. an unstable market. C. a surplus of 200 units. D. no shortage or surplus.
Consider the labor market depicted in the above figure. The competitive equilibrium would be for workers to be paid an hourly wage equal to
A) $10. B) $15. C) $20. D) None of the above answers is correct.
For all goods, the long run demand curve is always more elastic than the short run demand curve
Indicate whether the statement is true or false
The elasticity which shows the responsiveness of the demand for a good due to changes in the price of a related good is the:
A. income elasticity. B. log-linear elasticity. C. own price elasticity. D. cross-price elasticity.